Retail fit-out firm says it has been hit by 'significant project deferrals'
Retail fit-out specialist Styles & Wood has issued its second profit warning in a month after suffering what it called 鈥渟ignificant project deferrals鈥�.
In a statement to the City it said turnover in the six months to 30 June would be between 拢120-125m, while the figure for the year would not exceed 拢250m.
In its first announcement on 23 May, it said there was uncertainty over the full-year figure due to the credit crunch but sources close to the company pointed to a total of 拢315m.
Andy Brown, an analyst at Panmure Gordon, halved his pre-tax profit target for the year from 拢10m to 拢5m after the statement. He said: 鈥淭his is also clearly bad news for Morgan Sindall or ISG, which have large fit-out operations.鈥�
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